Bitcoin is on the cusp of entering price discovery, contingent on breaching the critical resistance at its previous all-time high of $69,000, according to crypto analysts.
Bitcoin (BTC) hit its peak of around $69,000 during the 2021 bull run. This level was tested again on March 5, following the approval of spot Bitcoin exchange-traded funds (ETFs) in the United States earlier this year.
Despite several attempts to break through, Bitcoin has remained below this threshold for approximately 10 weeks.
Crypto analyst Daan Crypto Trades said that the fight to breach old-time highs is “never an easy fight,” and it usually takes time before this is achieved.
He noted that supply needs to “dry up” around the resistance zone and coins must transition from impatient to patient holders, which usually leads to favorable outcomes.
“#Bitcoin Fighting the last resistance before full on price discovery.”
Other crypto analysts share this bullish sentiment. “Bitcoin’s market structure remains firmly bullish!” declared crypto analyst Jelle in a May 30 post on X, adding that the price has been in “a steady uptrend for well over a year now, consolidating right below the current all-time highs.”
In another X post, Jelle noted that BTC’s price was retesting a key support level after “breaking out from the falling wedge” on the daily time frame.
“Hold here, and new all-time highs should come soon enough.”
Pseudonymous crypto analyst CryptoCon described Bitcoin’s current low volatility around the previous highs as healthy price action.
“This is only half the time we saw in August — October 2023, which was one of the least volatile periods in Bitcoin’s history […] These times of low volatility are crucial to build support for the next leg up,” they wrote in a May 29 post on X.
“The next green box is loading…”
Daan Crypto Trades noticed about “$100M in sell orders sitting around $69K” adding to sell-side pressure from this level.
CoinGlass data indicates that $68,700 is a significant area of bid liquidity just below this resistance.
At the time of publication, BTC was trading at $68,485 on May 30, up 1.5% over the last 24 hours.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
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